转载:关键审计事项披露和知情交易员

IF 5.5 3区 管理学 Q1 BUSINESS, FINANCE
Zabihollah Rezaee , Saeid Homayoun
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引用次数: 0

摘要

我们研究了披露关键审计事项(KAM)的审计规定是否为作为知情投资者的卖空者提供了价值相关的信息。研究卖空者在其股票估值暗示中使用KAM披露的能力和动机的理论基础是基于卖空者的预测理论和熟练的信息处理理论。使用2010-2017年期间英国上市公司的扩展审计报告样本和手工收集的KAM披露数据集,我们发现没有证据表明英国上市前和英国上市后的短期利益不同扩大的审计报告法规。然而,在我们的横断面测试中,我们发现KAM披露对空头有边际影响,空头与意外和严重的KAM披露之间存在正相关关系。我们的结论是,除了与经验丰富的投资者价值相关的严重KAM外,扩大审计报告中的披露对卖空者没有估值影响。我们的结果在检查金融市场和分析师对KAM披露的反应和解决潜在的内生性问题方面是强有力的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Reprint of: Key audit matters disclosures and informed traders
We examine whether the audit regulation of disclosing key audit matters (KAM) provides value-relevant information to short sellers as informed investors. The theoretical underpinning for examining short sellers' ability and incentives to use KAM disclosures in their stock valuation implications is based on a prediction theory and a skilled information processing theory of short sellers. Using a sample of expanded auditor's reports from UK-listed firms during the 2010–2017 period and hand-collecting a dataset of KAM disclosures, we find no evidence that the short interest is different for the period before than after the U.K.'s expanded auditor's report regulation. However, in our cross-sectional tests, we find that KAM disclosures have a marginal effect on short interest and a positive association between short interest and unexpected and severe KAM disclosures. We conclude that, except for severe KAM that is value-relevant to sophisticated investors, the disclosures in the expanded auditor's report have no valuation implications for short sellers. Our results are robust in examining the reactions of the financial market and analysts to KAM disclosures and addressing potential endogeneity concerns.
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来源期刊
British Accounting Review
British Accounting Review BUSINESS, FINANCE-
CiteScore
8.60
自引率
3.90%
发文量
39
审稿时长
76 days
期刊介绍: The British Accounting Review*is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomed across a wide range of research methodologies (e.g. analytical, archival, experimental, survey and qualitative case methods) and topics (e.g. financial accounting, management accounting, finance and financial management, auditing, public sector accounting, social and environmental accounting; accounting education and accounting history), evidence from UK and non-UK sources are equally acceptable.
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